Dems, Insurers Call For Extending Terrorism Risk Program

Law360, New York (September 11, 2012, 3:57 PM EDT) -- House Democrats argued Tuesday that a federal backstop for terrorism insurance should be extended beyond 2014 because it ultimately saves taxpayers money, agreeing with a chorus of insurance industry representatives at a hearing held on the anniversary of the Sept. 11 attacks.

Nearly all of the experts testifying before the House subcommittee on insurance, housing and community opportunity urged lawmakers to reauthorize the Terrorism Risk Insurance Act, which set up a federal reinsurance program providing up to $100 billion in coverage for catastrophic terrorist attacks. The...